League CEO's View On DFCU's Disclosures

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"The disclosures are actually pretty good because they are required by the NCUA," said Dave Adams, CEO of the Michigan league, pointing to the specifics regarding the loss of tax exemption and opportunities for stock awards and stock options. But, Adams said he also suspects that the reasons given to members by DFCU Financial officials that include a need to move away from the Detroit market won't sit well with most members who "are Detroit people who need them the most." Adams said he wasn't surprised that the most prominent and colorful piece in the packet was a "glossy page" announcing the prize raffle, an offer the league is urging NCUA to oppose in the future.

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